MINISTRY OF EDUCATION AND TRAINING

NATIONAL ECONOMICS UNIVERSITY

-------***-------

SUBJECT: ENG1OO

Class: Business Analysis 65

Advisor: Tran Minh Chau, M.A.
Students: Do Thu Uyen – 11230785
Nguyen Hong Giang – 11230744
Nguyen Hoang Bao Chau – 11230737
Pham Le Quang – 11230771
Hoang Thi Mai Anh - 11230731

Hanoi, 2023

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 TABLE OF CONTENTS
TABLE OF CONTENTS...................................................................................... i
TABLE OF FIGURES....................................................................................... iii
ACKNOWLEDGEMENT...................................................................................iv
ABSTRACT........................................................................................................ v
CHAPTER 1: INTRODUCTION.........................................................................1
1.1. Background.............................................................................................. 1
1.2. Rationale.................................................................................................. 1
1.3. Research questions................................................................................... 2
1.4. Scope........................................................................................................ 3
1.5. Organization............................................................................................ 4
CHAPTER 2: LITERATURE REVIEW..............................................................5
2.1. Definitions................................................................................................ 5
2.2. Characteristics......................................................................................... 5
2.3. Adoption of E-Payment among youth......................................................6
2.3.1. Global trends in electronic payments.....................................................6
2.3.2. Factors influencing E-payment adoption...............................................7
2.3.3. Previous research relevant to the topic...................................................9
CHAPTER 3: METHODOLOGY......................................................................11
3.1. Participants............................................................................................ 11
3.2. Procedures............................................................................................. 11
3.3. Data Analysis......................................................................................... 13
CHAPTER 4: RESULTS AND DISCUSSIONS.................................................14
4.1. Personal information..............................................................................14
4.2. NEU students' E-payment usage............................................................14
4.3. The factors that influence NEU students when shifting from cash to E-
payments....................................................................................................... 18
4.3.1. The factors affecting students’ decision to switch from cash to E-
payments.........................................................................................................18

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 4.3.2. Criteria for choosing suitable E-payment platforms............................20
4.4. Perception of NEU students in electronic payments...............................21
4.5 Risks of electronic payments...................................................................26
4.5.1. Inconveniences of NEU students when using electronic payments. . .26
4.5.2. NEU students' assessment of the convenience of electronic payment
methods...........................................................................................................27
4.5.3. Assess the level of security and safety of electronic payments.............28
4.5.4. The reasonableness of transaction fees in electronic payments..........29
4.5.5. NEU students' views on the reasons why the complete shift to E-
payments affects the national economy..........................................................30
4.6. Trends and future of electronic payment...............................................31
4.6.1. The forecast future usage of electronic payments................................31
4.6.2. The factors affecting future cash replacement by electronic payment in
the future.........................................................................................................34
4.6.3. Future wishes for electronic payments.................................................35
CHAPTER 5: CONCLUSION...........................................................................37
5.1. Summary of major findings...................................................................37
5.2. Recommendations..................................................................................37
5.2.1. User experience enhancement..............................................................37
5.2.2. Strengthening security measures..........................................................38
5.2.3. Economic accessibility for students......................................................38
5.2.4. Promotion of financial literacy.............................................................38
5.2.5. Expansion of digital infrastructure nationwide...................................38
5.3. Limitations and suggestions for further research..................................38
REFERENCES................................................................................................. 40

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 TABLE OF FIGURES

Table 4.1. Level of study of NEU students participating in the questionnaire..........14

Figure 4.1. Proportion of individuals employing electronic payments on a frequent
basis...........................................................................................................................15
Figure 4.2. Utilization rates of electronic payment modalities..................................16
Figure 4.3. Proportion of individuals who hold the perception that electronic
payments offer greater convenience compared to cash.............................................17
Figure 4.4. The factors affecting students’ decision to switch from cash to E-
payments....................................................................................................................18
Figure 4.5. The reasons why cash is not their primary method.................................19
Figure 4.6. Criteria for choosing suitable E-payment platforms...............................20
Figure 4.7. Percentage of students finding electronic payments easy to manage
personal finance.........................................................................................................21
Figure 4.8. Percentage of students understanding laws and regulations related to
electronic payments...................................................................................................22
Figure 4.9. Percentage of students feeling safe when utilizing electronic payments 23
Figure 4.10. The level of students’ awareness of several electronic payment security
measures....................................................................................................................24
Figure 4.11. Inconveniences when using electronic payments..................................26
Figure 4.12. Assessing the convenience level in using electronic payment methods27
Figure 4.13. Assessing the security and safety level of electronic payments............28
Figure 4.14. The reasonableness of transaction fees in electronic payments............29
Figure 4.15. Reasons why electronic payments affect the economy.........................30
Figure 4.16. The forecast for the use of electronic payments in the future...............31
Figure 4.17. The percentage of participants that will use electronic payments in the
future..........................................................................................................................32
Figure 4.18. The prediction of transition from cash to electronic payment methods 33
Figure 4.19. The factors influencing the complete replacement of cash in the future
...................................................................................................................................34
Figure 4.20. Wishes for electronic payments in the future........................................35

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 ACKNOWLEDGEMENT
Firstly, we would like to express our profound gratitude to our mentor,
professor Tran Minh Chau, who has continually provided support and guidance
throughout our academic journey. Her dedicated teaching and valuable advice have
significantly contributed to our understanding and overcoming challenges in our
research work.
Next, we extend our deepest appreciation to the faculty of the National
Economics University for constantly imparting knowledge and inspiring us. This has
laid a strong foundation of knowledge and values that we cherish today.
Additionally, we are grateful for the support and assistance from our friends and
family during our studies.
Lastly, we recognize that our knowledge and skills are still developing, and
our paper may contain some errors. We hope that teacher Tran Minh Chau will
understand and provide constructive feedback to help us improve further.

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 ABSTRACT
Vietnam has undergone rapid technological advancements and economic
development; therefore, it is crucial to examine the evolving financial behaviors of
the young generation, who play a vital role in shaping the future landscape of
financial transactions. This study aims to examine the shift from traditional cash to
electronic payments (E-payments) among National Economics University (NEU)
students in certain aspects, namely factors of the change, perception, and trends
among NEU students. Qualitative and quantitative research methods are both
applied to conduct this study. Data from 231 samples were obtained by online
survey via Google Forms. Following the questionnaire responses, we used Excel and
Google Forms to analyze the quantitative data and present various types of charts for
the result section. Our findings indicate that a significant majority of students used
E-payments mainly because of their convenience and speed. The respondents still
had a favorable view of the use of electronic payments in the future, despite the fact
that they still perceived some certain security concerns.

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 CHAPTER 1: INTRODUCTION
1.1. Background
In recent years, technological developments and the spread of digital
platforms have sparked a major global shift in payment methods. Electronic
payment methods are gradually taking the role of more conventional cash-based
transactions, bringing in an era of convenience, speed, and accessibility. According
to Raviraj Sharma (2022), this shift from cash to e-payment is particularly
pronounced among the younger, especially university students, who are often at the
forefront of embracing innovative technologies.
The increased dependence on digital platforms for financial transactions
among the youth is caused by various factors such as the convenience offered by e-
payment methods. For instance, mobile wallets, online banking, and contactless
cards fit in perfectly with the digital lifestyle that today's students have adopted.
Moreover, the COVID-19 epidemic pushed the adoption of e-payment solutions as a
more secure and safe substitute for cash transactions. Wahida Ahmad and et al
(2023) also point out that the use of electronic payments received positive feedback
during the beginning of the pandemic COVID-19 because people understand how
important contactless transactions are.
In this paper, the researchers chose National Economics University (NEU) in
Hanoi as the survey location because NEU students' financial transaction landscape
is changing significantly and there is a clear trend toward e-payment methods. Then,
the researchers made it our responsibility to thoroughly analyze this issue of
electronic payment. Therefore, drawing conclusions about the attitudes and reactions
of National Economics University students.
1.2. Rationale
While the transition to e-payment methods among NEU students appears to
be evident, a comprehensive understanding of the underlying motivations,
challenges, and implications associated with this shift remains an area warranting
deeper exploration. The majority of the material now in publication concentrates on

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the general trends of electronic payments among the younger generation; however, it
frequently lacks specificity with regard to the attitudes, actions, and particular
concerns of NEU students in this particular context.
The current paper is devoid of a thorough knowledge of the particular
elements causing this change among NEU students. The purpose of this study is to
investigate the distinct traits and activities of this group that impact their inclination
toward electronic payment methods as opposed to traditional cash transactions.
Furthermore, there is a knowledge vacuum about how these technological
advancements affect young people's payment choices given how quickly technology
is developing. This study aims to investigate how NEU students' usage of e-payment
systems is impacted by developing technologies including mobile applications,
digital wallets, and online banking. Moreover, the accessibility, acceptance, and
potential limitations of various e-payment systems within the context of NEU
students' needs remain understudied. An important part of this study is to understand
things like security concerns, convenience of use, and the availability of certain e-
payment systems that suit customer preferences.
The paper also aims to clarify the broader implications of this shift, exploring
its potential impact on spending behavior, financial literacy, and socioeconomic
aspects among NEU students.
1.3. Research questions
This research aims to delve into the evolving payment behaviors of NEU
students, focusing on three pivotal questions. Firstly, it explores the factors driving
the transition from cash to E-payments among NEU students, shedding light on the
primary motivations behind this shift. The subsequent inquiry within this research
endeavor focuses on a comprehensive analysis of NEU students' perceptions of E-
payments compared to conventional cash transactions. This investigation seeks to
unravel intricate aspects of NEU students' attitudes, beliefs, and preferences
concerning the adoption of electronic payment methods in relation to their
experiences with traditional cash-based transactions. Moreover, an in-depth survey

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into the future prospects and anticipations surrounding E-payment utilization among
NEU students will be conducted as a fundamental extension of this study. This
examination aims to predict the evolving trends and inclinations that NEU students
anticipate in their future engagement and reliance on electronic transaction
mechanisms. The comprehensive nature of these inquiries seeks to provide a holistic
understanding of the multifaceted dynamics and intricate influences that govern the
pervasive adoption of E-payments within the distinct milieu of the NEU student
community.
To be more specific, this essay aims to shed light on these three research
questions:
1. What are the primary factors influencing NEU Students to shift from cash to E-
payments?
2. How do NEU Students perceive E-payments compared to traditional cash
transactions?
3. What are the expectations regarding the future use of E-payments among NEU
students?
1.4. Scope
This study within the NEU students cohort aims to specifically investigate the
adoption and transition towards two primary forms of e-payment methods: e-wallets
and internet banking. The scope of this research encompasses a comprehensive
exploration of the factors propelling NEU students to embrace e-wallets and Internet
banking over traditional cash transactions. It intends to delve into the motivations,
perceptions, and preferences guiding their choices between these two prevalent
electronic payment modes. By focusing on these two prominent types of e-payment
methods, the research aims to provide a nuanced understanding of the intricacies
driving the shift from cash to specific electronic transaction mechanisms within the
NEU student community.

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 The research will encompass a sample size of 231 NEU students, spanning
from first-year undergraduates to graduate students. The study is scheduled to be
conducted over a duration of one week.
1.5. Organization
This paper includes five main chapters: Introduction, Literature Review,
Methodology, Result and Discussion, and Conclusion. Chapter 1 includes the
background, rationale, scope, research questions, and structure of the research.
Chapter 2 provides an overview of the definition, characteristics, and categories for
implementing electronic payment systems. In the two following chapters, the
researchers will outline research methodologies - both quantitative and qualitative
and then analyze the method of conducting this survey and give their opinions on
this matter. Finally, a summary that concludes the problems above will be presented
in Chapter 5.

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 CHAPTER 2: LITERATURE REVIEW
2.1. Definitions
Due to their critical role in contemporary e-commerce, electronic payment
systems (EPS) have attracted a great deal of discussion from scholars over the past
20 years, leading to a variety of definitions (Kabir et al., 2016). Specifically, when
transacting over the Internet, digital payments use tools and resources such as credit
cards, e-cash, internet banking, mobile banking, QR code payment, and e-checks
(Ramayanti et al, 2024). Similarly, Kabir et al agreed that e-payment systems are
electronic methods of transferring money over the Internet, used in electronic
commerce settings to exchange money for goods and services bought online or in
physical stores (2016).
2.2. Characteristics
According to Donal et al (2001), electronic payment has existed since the late
1970s and early 1980s, with various schemes proposed to facilitate transactions
across computer networks. The Internet, which first appeared in the late 1970s, has
grown dramatically, with over 93 million machines connected by July 2000.
According to the 2001 Nua Internet Survey, approximately 400 million people were
online in January 2001. The availability of World Wide Web technology has fueled
the growth of e-commerce, particularly business-to-consumer (B2C) e-commerce.
The industry has also shifted to B2B transactions, with online electronic
marketplaces connecting businesses. The introduction of B2B payments, as well as
the growth of mobile commerce (m-commerce), has created new markets and
opportunities for payment technology providers to develop (Raja et al., 1970).
Contemporary e-payment systems exhibit several defining characteristics that
contribute to their widespread adoption and utilization. A pivotal aspect is the
convenience and accessibility offered by mobile payment platforms. Users can now
conduct financial transactions from their mobile devices with ease thanks to the
introduction of smartphones and the integration of e-payment applications, which
have completely changed the transactional experience (Dahlberg et al., 2015). The
smooth integration of e-payment systems has also emerged as a crucial component.
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This makes it simple for users to transact across platforms and helps to build a
financial environment that is more attached and user-friendly (Naeem et al., 2020).
Security is a great concern in the field of e-payments, and recent advancements have
focused on enhancing transactional safety. To give users peace of mind, e-payment
systems have integrated robust anti-fraud measures, secure authentication
procedures, and data encryption systems (Ali et al., 2019; Azhar et al., 2020). The
rise of contactless payments, leveraging Near Field Communication (NFC)
technology, has further reinforced the emphasis on secure and swift transactions,
along with the contemporary demand for efficiency and speed. Furthermore, the
emergence of electronic wallets (e-wallets) has played a pivotal role in forming e-
payment trends. E-wallets, such as PayPal, Apple Pay, and Google Pay, provide
users with a reliable platform for managing various payment instruments, enhancing
user convenience and financial management (Bakos et al., 2014). This combination
of technology and financial services reflects a dynamic shift towards a cashless
society, with e-payment systems becoming indispensable parts of individuals' daily
lives.
2.3. Adoption of E-Payment among youth
2.3.1. Global trends in electronic payments
Freestone and Mitchell (2004) in their study point out that in developed
countries, young people, especially Millennials and Gen Z, are believed to be more
likely to use e-payments than previous generations. Their study shows that young
people have a more positive attitude towards online ethics and Internet-related
misconduct. Similarly, Yang (2017) also noted that online payment has become a
familiar part of young people's daily lives.
The youth are increasingly preferring to use various electronic payment
methods such as credit cards, debit cards, mobile payments, and online payments
(Oyelami, Adebiyi, & Adekunle, 2020; Gholami, Ogun, Koh, & Lim, 2010). The
main reasons why youth choose e-payment include convenience, safety and security,
trustworthiness, and social influence. The convenience, ease, and speed of e-

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payments often appeal to many young users who appreciate the ability to make
quick payments using their mobile device.
Additionally, trust in security measures also makes e-payments popular
among youth. E-payments allow users to enable multi-factor authentication, which
many young people believe makes online transactions and mobile payments safer
and more secure compared to carrying cash (Junadi & Sfenrianto, 2015). This belief
encourages youth to choose more modern payment methods over traditional cash.
Moreover, the influence of social groups and modern trends also contribute to
e-payments being prevalent among youth. Things like social media, online
influencers and societal acceptance of technology fuels the desire for youth to be at
the forefront in adopting the latest payment technologies that are seen as fashionable
(Oyelami et al., 2020). Hence, youth users tend to opt for payment methods that
align with current social trends, rather than using old-fashioned cash.
2.3.2. Factors influencing E-payment adoption
Digital investments encompass various e-payment activities, including
mobile trading, social trading, online brokerage, and B2C online trading, as well as
high-frequency and algorithmic trading in the B2B context (Gomber & Siering,
2017). However, despite the significant potential of mobile technology for payment
transactions and replicating financial functions, its adoption has been limited to only
a few countries (de Albuquerque et al., 2016).
There are several key factors that influence the adoption of e-payments.
These include convenience, security, peer influence, and technological expertise (de
Albuquerque et al., 2016). Convenience refers to the ease of making quick payments
using mobile devices. Security relates to robust measures like multi-factor
authentication that builds trust in electronic systems. Peer influence from social
circles encourages usage of whatever payment types seem modern or fashionable.
Lastly, sufficient technological proficiency and infrastructure is needed for mass
adoption.

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 The e-payment market's stability over the years is linked to well-defined
roles, profitable business models, and a design where merchants bear payment-
related costs, creating a healthy ecosystem for e-payment growth (Staykova &
Damsgaard, 2015). The integration of business and technology within digital
ecosystems is crucial for e-payment providers, balancing consumer-friendly
experiences with technical capabilities (Henningsson & Hedman, 2014).
Robust security is a cornerstone for enhancing trust in electronic commerce
and promoting its use (Kim et al., 2010). Assurance of safe financial transactions is
a priority for consumers. Additionally, electronic payments are integral to
supporting larger e-commerce activities, contributing to the economy (Abdullai,
2009).
The shift from cash to electronic payments profoundly affects how students
manage personal finances. Key factors influencing their adoption of e-payment
technology include perceived security, social norms, and digital financial self-
efficacy (Jusoh & Jing, 2019). Students who perceive e-payments as safe and secure
are more likely to trust and adopt these methods.
E-payments offer benefits like easier expense tracking and budget
management through digital transaction records (Soman, 2001). However, risks such
as potential overspending or impulse purchases, especially among susceptible
students, are also present (Tokunaga, 1993). Financial discipline is crucial in
leveraging these technologies effectively.
Barriers exist for lower-income students lacking access to bank accounts,
cards, smartphones, or reliable internet. E-payments can aid students receiving
financial aid or scholarships by facilitating online fund management, highlighting a
discrepancy in e-payment utility based on available resources.
In summary, e-payment methods become more ingrained globally, financial
literacy education is vital for students to responsibly manage their finances.
Effective use of digital payments requires skills in personal budgeting, planning, and

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self-regulation. Ensuring all students have access to this knowledge is imperative for
fostering responsible financial behavior in the digital age.
2.3.3. Previous research relevant to the topic
For instance, the Federal Reserve Bank of Boston's research on the evolution
of payments from paper to electronic methods provides a comprehensive backdrop
against which the NEU study can be juxtaposed. The Federal Reserve's work
indicates a steady decline in cash and check use in favor of electronic payments
across the United States, a trend accelerated by the COVID-19 pandemic due to the
push for contactless transactions. The Boston Fed's findings on the reduction in
check use for bill payments and purchases—highlighting a 63 percent drop from
2000 to 2018—offer a macro perspective that aligns with the micro-level shifts
observed among NEU students.
Comparatively, the global trend towards e-payments has also been
documented in the World Payments Report, which notes a surge in digital payments,
underscoring the impact of regulatory and technological factors influencing
consumer behavior. While the global context provided by such reports broadens the
understanding of payment systems, the NEU study narrows the focus to the student
demographic, an area less explored in large-scale reports.
Moreover, scholarly articles such as those from the Journal of Internet
Banking and Commerce have also noted demographic differences in e-payment
adoption, suggesting that younger populations, like students, are more inclined to
adopt new technologies due to their digital nativity. This demographic focus is
particularly relevant to the NEU study as it highlights the importance of considering
age and technology exposure when examining shifts in payment preferences.
The NEU research further contributes to the literature by highlighting the
specific factors influencing the adoption of e-payments among students, such as ease
of use, perceived security, and peer influence. These factors can be contrasted with
broader market dynamics, such as those presented in the Journal of Economic

9
Psychology, which examines how trust and risk perceptions affect the adoption of
electronic payment systems in the general population.
In summary, this research elucidates the burgeoning trend of e-payment
adoption among NEU students, echoing a global shift towards digital financial
transactions. Comparative analysis with seminal works, such as those by the Federal
Reserve Bank of Boston, reveals congruent patterns in behavioral shifts, despite
differing demographic scopes. The NEU study enriches the literature by providing a
microcosmic view of this global transition, particularly within the millennial cohort.
The investigation is meritorious, as it offers pivotal insights into the technological
acclimatization of a demographic that is both a consumer and a future shaper of the
payment industry. This discourse underlines the necessity for continued exploration
into e-payment systems, emphasizing security, efficiency, and inclusivity to foster
widespread adoption.

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 CHAPTER 3: METHODOLOGY
3.1. Participants
The study's target demographic consists of students enrolled at Vietnam's
National Economics University (NEU) who actively engage with various electronic
payment methods. The participants represent first-year students from K65, second-
year students from K64, third-year students from K63, and fourth-year students from
K62 across diverse study programs. Employing a sampling approach, approximately
231 individuals from these academic categories were surveyed in December 2023.
Notably, freshmen accounted for the largest proportion, comprising about 81.8% of
the participants, while the juniors cohort constituted the smallest percentage, with a
mere 1.7% representation. The questionnaire design emphasizes simplicity,
conciseness, and clarity to ensure comprehensibility and mitigate potential
misinterpretations. By integrating this demographic information, the study aims to
provide a comprehensive understanding of NEU students' perspectives, motivations,
and anticipations concerning E-payments
3.2. Procedures
An organized questionnaire survey will be employed to procure data for this
inquiry. This questionnaire is designed to analyze the pivotal factors propelling NEU
Students' transition from conventional cash transactions to E-payment methods. The
survey will encompass close-ended inquiries, seeking quantitative data for statistical
analysis. Participants will access the questionnaire via an online survey platform,
specifically Google Forms. Prior to engaging in the survey, participants will receive
an informed consent form detailing the study's objectives, voluntary participation,
and the confidential nature of their responses. This ensures participants are well-
informed about the study's purpose and retain the choice to partake or abstain.
The survey questions will be categorized into five sections. The initial section
will gather basic participant information, including names and academic levels,
crucial for characterizing the sample and identifying demographic variances in
digital payment usage and purchasing habits. The subsequent segment will focus on

11
cash and electronic payment usage and display the statistics of surveyors using cash
transactions or E-payment methods to ascertain participants' tendencies and the
underlying reasons for their preferences. The third section of the survey will shed
light on the perception of surveyed NEU students regarding the adoption of E-
payment methods. This segment aims to investigate how participants perceive
information regarding various E-payment modes and the potential risks entailed if
these measures are not employed judiciously. The fourth section delves into the
obstacles hindering the adoption of electronic payment methods. This segment
highlights concerns surrounding the utilization of electronic payment methods and
gathers responses from participants to dissect the causes underlying users' hesitancy
in adopting them. It aims to procure valuable data that could aid businesses in
addressing prevailing issues and enhancing their services in response to identified
concerns. The last section displays trends and the future of electronic payments. This
section is dedicated to exploring and forecasting the future trajectories of electronic
payment systems, aiming to anticipate their forthcoming trends and evolution. The
primary goal is to analyze the potential developmental pathways of electronic
payments and predict their probable trends in the future landscape of financial
transactions.
In these five sections, multiple-choice questions and a Likert scale with five
answers were used to produce the questionnaire: (1) strongly disagree, (2) disagree,
(3) neutral, (4) agree, and (5) strongly agree. This method will collect quantitative
data that can be statistically examined. Participants will be invited to complete the
questionnaire after they have agreed to participate.
The data collection process is expected to take two to three days, after which
the data will be analyzed statistically using analyzing methods to identify factors
that significantly influence the shift from cash transactions to electronic payment
methods of NEU students.
The survey endeavors to elucidate the primary factors driving NEU Students'
shift from traditional cash transactions to E-payments. Additionally, it aims to

12
scrutinize the perspectives of these students regarding E-payment methods in
contrast to conventional cash transactions, exploring their inclinations and
preferences toward each mode. Furthermore, the survey seeks to discern the future
expectations and prospects of NEU Students regarding the adoption of E-payment
systems, endeavoring to prognosticate their proclivities and potential alterations in
payment preferences over time. These statistics present valuable insights that can aid
e-payment application developers in refining their services, thereby fostering the
increased popularity and widespread adoption of E-payment methods.
3.3. Data Analysis
Following the questionnaire responses, we used Excel and Google Forms to
start analyzing the quantitative data. The information was carefully reviewed in
order to confirm the truth and accuracy of the responses. In order to do this, the
collected data were first chosen and categorized into six groups based on the goals
of the study. After the collection, the key features of the data analysis, such as
averages, standard deviations, and frequency distributions will be used and
described using descriptive statistics.
Moreover, the results were presented in bar charts and pie charts to enable
comprehension. The "form responses management function" in Google Forms
collected all of the responses, and an overview of how each question was answered
was provided using a collection of responses.

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 CHAPTER 4: RESULTS AND DISCUSSIONS
In the contemporary age of ubiquitous technology, there is a global trend
shifting towards the adoption of electronic payment mechanisms over traditional
cash transactions. The primary objective of this survey is to elucidate the underlying
reasons driving this transition and to ascertain the perspectives of NEU students
regarding E-payments.
The research methodology involved the distribution of a questionnaire among
students enrolled at the National Economics University. On Friday, 15th December,
a total of 231 students took part in the survey, contributing their insights to this
study.
4.1. Personal information
Table 4.1 indicates the level of study among 231 NEU students responding to
this online survey. Our questionnaire was mainly answered by freshmen from NEU,
comprising 81.8% of the total responses. In contrast, sophomores from NEU
accounted for 18 respondents, while junior students constituted a small fraction,
making up only 1.7% of the surveyed group. Interestingly, the percentages of post-
graduates and sophomores were relatively similar at 5.6% and 7.8%, respectively.
However, senior participants represented the smallest proportion, constituting
merely 3% of the total respondents.
Numbe
Value Percentage (%)
r

Freshman 189 81,8

Sophomore 18 7,8

LEVEL OF STUDY Junior 4 1,7

Senior 7 3

Post-graduate 13 5,6

Table 4.1. Level of study of NEU students participating in the questionnaire

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4.2. NEU students' E-payment usage

Figure 4.1. Proportion of individuals employing electronic payments on a frequent

basis
This graph depicts the frequency of individuals using e-payments. According
to the survey, the vast majority of NEU students (96.1%) used electronic payment
methods on a regular basis. This demonstrates the student community's widespread
adoption of e-payments, demonstrating its integral role in their daily lives. The ever-
changing digital landscape, combined with a lifestyle focused on convenience and
time efficiency, has fueled the rise of electronic payment systems, particularly
among students. With such rapid growth, electronic payments have become the
dominant mode of transaction for nearly all NEU students. However, a small
percentage (3.9%) of students polled reported infrequent use of electronic payments.
Investigating the reasons for this group's apprehension can provide valuable insights
into the limitations of e-payment systems.

15
 Figure 4.2. Utilization rates of electronic payment modalities
This picture details the usage patterns of various E-payment channels,
including Momo, Internet Banking, ZaloPay, VNPay, ShopeePay, and
ViettelMoney. Overall, people prefer to use some specific E-payment methods
which are Internet banking, Momo and ShopeePay with the frequency around 4
(frequent) and 5 (highly frequent). Notably, 171 out of 231 respondents indicated
frequent use of Internet banking. This trend can be attributed to Internet banking's
comprehensive functionality, which is capable of nearly supplanting all other
electronic payment modes. Furthermore, the ease of opening and operating an
Internet banking account, as well as the perceived high level of security, contribute
significantly to its dominance. Monthly earnings of students, whether from parental
allowances or part-time employment, are routinely deposited directly into bank
accounts linked to Internet banking applications. Remaining platforms such as
ZaloPay, VNPay, and ViettelPay were not mainstream options among students. This
is because they have certain limitations such as limited versatility, lower adoption
rates, and a lack of widespread popularity.

16
 Figure 4.3. Proportion of individuals who hold the perception that electronic
payments offer greater convenience compared to cash
This diagram presents the proportion of individuals endorsing the view that
electronic payments offer greater convenience compared to cash transactions. The
data from Figure 4.1 demonstrates that a significant majority, 96.1% of respondents,
regularly engage with electronic payment methods, yet a slightly smaller subset
(84.8%) unequivocally perceive electronic payments as more convenient than cash.
This scrutiny of the data yields valuable insights.
Among the surveyed participants, 196 individuals out of 231 respondents,
accounting for 84.8%, expressed a belief that utilizing electronic payment methods
is more convenient than engaging in cash transactions. This substantial majority
underscores the widespread preference and popularity of electronic payment
modalities. Furthermore, the observation that 33 individuals (14.3%) exhibit
uncertainty regarding the superiority of electronic payments over cash, while 2
individuals (0.9%) consider electronic payments notably less convenient than cash,
emphasizes the enduring appeal and perceived convenience of cash transactions.
Cash maintains its global prominence due to deeply ingrained traditional
usage, serving as a familiar symbol of hard-earned financial resources. For students,
cash offers immediacy in transactions for everyday necessities like dormitory

17
snacks, note photocopies, or spontaneous coffee purchases, bypassing the need for
electronic devices or internet connectivity. The immediacy of cash transactions
provides a perceived sense of financial control, and unlike certain electronic
payment methods, it doesn't incur additional transactional fees.
On the other hand, electronic payments, increasingly prevalent for their
convenience and efficiency, are progressively challenging cash as the dominant
payment mode. Empowered by smartphones and mobile apps, electronic payments
offer swift and efficient transaction methods. Electronic payments offer unparalleled
convenience and security through instant, encrypted, and digitally stored
transactions, facilitating better spending record-keeping.
Overall, electronic payments offer several advantages such as ease of
spending management, convenience, and safety. However, cash still holds
superiority in some emergency scenarios. The shift from cash to electronic payments
among today's students results from the evolution of the digital age and technology.
4.3. The factors that influence NEU students when shifting from cash to E-
payments
4.3.1. The factors affecting students’ decision to switch from cash to E-payments

Figure 4.4. The factors affecting students’ decision to switch from cash to E-
payments
The pie chart above details a collection of reasons why respondents change
their payment methods. Overall, most of the surveyed students agreed that digital
payments were more convenient to use and enabled them to transact quickly, with
36.4% and 17.7% respectively. This is because most respondents were between the
18
age of 18-22, a group that has the strongest ability to adapt to technological
proliferation. They tended to prefer the most convenient, straightforward, and fastest
solution without being left behind, especially in the contemporary age. Following
that, 31.2% of NEU students expressed a strong preference for having no worry
about the risk of losing the amount of money that they carried outside. In large urban
cities, specifically Hanoi, the incidence of theft is typically elevated; therefore,
employing electronic payment methods is deemed safer as it obviates the necessity
of carrying physical currency in public spaces. Some individuals transferred to
electronic payment methods as a result of receiving numerous discount vouchers
from banks or payment applications while shopping online (13.9%). Noticeably,
there was one response saying that he did not switch to digital payments since cash
was more convenient to pay bus tickets. This factor may be varied based on a
personal selection of transportation modes and habits.

Figure 4.5. The reasons why cash is not their primary method
Figure 4.5 gives an explanation for why cash is no longer the major method
for NEU students. The most common reason, accounting for 61.9% of the responses,
was the inconvenience of carrying a large amount of cash. This includes both the
irritation of withdrawing cash from banks (11.3%) and the perceived burden of
holding physical currency. Some people stated that money might be lost to theft or
seized by law enforcement, and traffic police, in particular. Digital payment
platforms were, therefore, more optimal compared to paper money, since the

19
account information and passwords were kept on their mobile devices or computers.
However, there were still certain security risks while utilizing them; this factor will
be discussed thoroughly in part 4.5. The second most prevalent reason, representing
19% of the responses, centered around forgetfulness to bring cash. This indicates
that they may not place a high priority on financial preparation or planning. Notably,
14 respondents expressed a preference for cash payments. These contrasting results
might be affected by both external and internal factors, for example, because of their
places of living where electronic payments were not yet widely available.
In conclusion, there may be other factors we did not cover due to the lack of
information but these are the main elements; therefore, we assume that convenience
and swiftness are the key features for the switch in payment habits among NEU
students.
4.3.2. Criteria for choosing suitable E-payment platforms

Figure 4.6. Criteria for choosing suitable E-payment platforms

The following figure shows a list of criteria for choosing adequate platforms
among NEU students. It was found that convenience was the most popular purpose,
which accounted for 81%. A reasonable platform tended to be assessed by some
main features such as process complexity or transactional speed. Furthermore, the
effective layout and interface of the payment app were also factors that helped
increase the level of user-friendliness. Another noticeable data is that 14.3% of
participants emphasized great attention to shopping-related issues. In recent times,
there have been hundreds of applications for users to choose from; thus, owners of

20
electronic payment apps often offer a number of discount vouchers if consumers pay
bills via their apps. In this way, a growing number of consumers have the likelihood
to be attracted, especially college students since this demographic has little or no
financial stability. The number of students taking security level into consideration
was negligible and only made up 4.3%. This is their top priority to evaluate whether
to use the platform or not as this group of people was highly aware of protecting
personal information or property. Also worth noting is that only one person chose a
suitable platform due to its usefulness in limiting unnecessary spending. She would
prefer an application having a managing expenses feature, thereby enabling her to
build her personal finances and no need to monitor them on paper.
4.4. Perception of NEU students in electronic payments

Figure 4.7. Percentage of students finding electronic payments easy to manage

personal finance
Figure 4.7 displays information about the proportion of students who find
electronic payments simplify expense management over cash. The pie chart
illustrates that the bulk of respondents can perceive the advantages of managing
individual expenditures via E-payment, as evidenced by 63.2% favoring this option,
a proportion significantly larger than the alternatives. The key rationale behind this
trend is that individuals have the capability to review their expenditure records by
accessing the payment history within Internet banking or E-wallet applications after
making transactions. Consequently, this enables them to make informed decisions

21
regarding potential adjustments in expenditure, aiming to effectively manage
personal finances and enhance financial well-being.
However, 18,2% of the surveyed group witnessed the drawbacks of using
electronic payments as a measure of managing expenditures. Due to personal habits,
this subset of surveyed students perceives that utilizing cash may aid in the
management of their individual finances. On the other hand, it is undeniable that the
young display an inclination to increase spending in online shopping and
demonstrate a propensity for impulsive purchasing decisions while using digital
trading platforms. As a result, utilizing cash as a payment method may provide
individuals with an opportunity for reconsideration before finalizing purchases,
offering a pause for thought in the decision-making process, and helping people to
save more money.
Notably, a similar proportion of students, approximately 18.6%,
demonstrated uncertainty regarding the efficacy of E-payments in simplifying
expense management, aligning closely with the 18.2% expressing negative views on
this questionnaire.

Figure 4.8. Percentage of students understanding laws and regulations related to

electronic payments
The pie chart in Figure 4.8 portrays the level of comprehension among
students regarding laws and regulations pertinent to electronic payments. Notably, a
substantial majority, comprising 50.6% of participants, expressed uncertainty
regarding their comprehension of such laws and regulations. A smaller but
22
noteworthy segment, representing 10.8% of respondents, which accounts for
approximately one-fifth of the “uncertain” responses, asserts a lack of understanding
regarding the legal aspects related to electronic payments. Interestingly, a minority,
constituting 38.5% of respondents, which is only one-third of the whole chart, affirm
possessing an understanding of these legal frameworks.
The primary explanation for the prevalent uncertainty among the surveyed
individuals regarding the laws and regulations governing E-payments could be
attributed to the insufficient dissemination of information by companies, coupled
with the complexity inherent in these legal frameworks. There is no denying that the
youth frequently opts to bypass the section related to legal terms when initiating the
use of applications, potentially due to their limited familiarity with legal principles.
As a consequence, these regulations might appear overly intricate or may not yet be
perceived as crucial information. As evidenced by the pie chart, the majority of
surveyed NEU students demonstrate a limited understanding of these laws,
irrespective of their significance. Surprisingly, the contrast can be witnessed in the
latter chart:

Figure 4.9. Percentage of students feeling safe when utilizing electronic payments
In Figure 4.9, the pie chart depicts the perceptions of safety among students
concerning the utilization of electronic payments. Interestingly, a considerable
segment, representing 19.5% of respondents, exhibits uncertainty regarding the

23
safety aspects associated with electronic payments. Besides, 4.7% of participants
express outright reservations about the safety of electronic transactions. The
rationale for these lies in the deficiency of understanding pertaining to legal
regulations associated with E-payments and security measures. Presently, it is
commonplace to encounter articles detailing scams involving E-wallets. This
consequently instills people a sense of apprehension among individuals when
utilizing these modes of payment.
Conversely, the overwhelming majority, constituting 75.8% of respondents,
affirm a sense of security when engaging in E-payment methods. In contrast to the
previously mentioned statistic (Figure 4.8) where 50.6% of survey respondents
express uncertainty regarding legal regulations of E-payments, the percentage of
individuals feeling secure when utilizing electronic payments appears noteworthy.
This distinction between these two figures seems intriguing as the bulk of surveyors
without possessing an understanding of legal terms, still express a sense of security
when engaging in electronic payments. The underlying reasons for this trend will be
examined subsequent to the presentation of the following chart.

Figure 4.10. The level of students’ awareness of several electronic payment security
measures
Figure 4.10 illustrates the extent of students' familiarity with various security
measures associated with electronic payments. The data depicts that approximately

24
200 students were acquainted with and implemented the first four security methods
to safeguard their electronic payment transactions. It is notable that all respondents
acknowledged the significance of not divulging personal information and passwords,
as well as refraining from installing software from untrusted sources to enhance
security. However, a smaller cohort exhibited lesser awareness regarding the
utilization of "strong passwords" and the cautious access to electronic payment
platforms to mitigate potential risks in E-payments. To discuss further, the
explanation of this tendency is that these four methods have gained widespread
popularity, leading to increased comprehension and utilization among users over an
extended period.
On the other hand, roughly 150 students were cognizant of and actively
employed "two-factor authentication (2FA)" and "regular software updates,"
adhering to these security protocols. Intriguingly, while an approximate count of 50
students possessed knowledge about these two methods but had yet to implement
them, a notable number of NEU students, ranging between 10 and 25 individuals,
demonstrated unfamiliarity with these two aforementioned security measures. The
reason for this is that the latter two measures remain comparatively less familiar
when juxtaposed with the previously mentioned four methods. Nonetheless, E-
payment application developers continue to employ these security measures,
especially the 2FA, even if not everyone is aware of its nomenclature or its precise
implementation.
In summary, the majority of surveyed students acknowledge their
understanding of the six vital security measures designed to safeguard personal
information and prevent scams. This comprehension might clarify why many of
them lack certainty or familiarity with the legal regulations governing electronic
payments but still exhibit a sense of security when utilizing this mode of payment.

25
4.5 Risks of electronic payments
4.5.1. Inconveniences of NEU students when using electronic payments

Figure 4.11. Inconveniences when using electronic payments

Figure 4.11 demonstrates the main inconveniences NEU students encounter
when using electronic payment methods, including frequent technical issues or bank
system downtime (61% of respondents), high transaction fees (46.8%), lack of stable
internet connectivity during transactions (45.5%), and general discomfort in using
payment platforms (37.7%). Data privacy issues were also a major concern raised by
over a third of participants, in addition to a small number complaining about lack of
trust in the technology, difficulties registering accounts online, and negligible
numbers citing issues like transfer limits or errors. Thus, technical issues with apps
and networks, excessive fees, difficulty of use, and data security fears represent the
key bottlenecks deterring wider acceptance of electronic payments, which need
addressing to facilitate this transition.

Figure 4.11 shows that technical issues remain the biggest obstacle to NEU
students' use of electronic payments. This demands banks and service providers to
focus on enhancing system stability. They need to invest more heavily in
technology, building robust infrastructure capable of rapid recovery when incidents
occur. Additionally, excessively high transaction fees also cause many people to
hesitate to use the services. Therefore, banks should consider introducing
promotional policies and fee reductions to encourage customers to conduct more

26
transactions. Moreover, protecting personal data privacy also needs to be a priority,
especially in the context of rising online fraud nowadays. Banks and fintech
companies need to continuously upgrade security systems, firewalls, and data
encryption to safeguard customer information.

4.5.2. NEU students' assessment of the convenience of electronic payment

methods

Figure 4.12. Assessing the convenience level in using electronic payment methods
A survey was conducted to evaluate how convenient NEU students find
electronic payment methods, using a 5-point scale from 1 (not convenient at all) to 5
(extremely convenient). The results revealed that the vast majority of students rate
the convenience quite highly, with 45% giving a rating of 4 and 39.4% awarding the
maximum rating of 5. A smaller portion, 11.7% of students, felt the convenience
level was average and assigned a neutral rating of 3 points. Only a tiny fraction of
respondents indicated low convenience levels, at 2.2% and 1.7% giving scores of 2
and 1 respectively. Overall, these findings signify that most NEU students perceive
their electronic payment methods to be very convenient and easy to use for routine
daily transactions. Just a negligible percentage appear to face major convenience
barriers in adopting these modern financial technologies and payment platforms.

Figure 4.12 shows that the majority of students rate current electronic
payment services as very convenient, indicating providers have done well in this

27
area. However, 13% of users remain dissatisfied with the convenience. Thus, banks
and fintech companies need to continuously improve products and optimize
customer experience in order to attract more users.

4.5.3. Assess the level of security and safety of electronic payments

Figure 4.13. Assessing the security and safety level of electronic payments
In a survey evaluating the security and safety level of electronic payment
methods, 231 NEU students were asked to rank them from 1 (very unsafe) to 5 (very
safe). Results from the chart show that the majority feel their e-payment method’s
security is at a high level. Specifically, 45.5% (equivalent to 105 people) chose level
4, and 25.1% (58 people) selected the maximum safety level of 5. Another
considerable proportion, 24.2% (56 people), felt security was average with a score
of 3. Only a small percentage rated it low, with 3.9% (9 people) giving 2 points and
1.3% (3 people) scoring 1. These figures show NEU students have a fairly positive
perspective on the security and privacy standards of modern electronic payment
techniques.

The survey results indicate a generally positive perception of the security and
safety of electronic payments among NEU students, with a combined 57.5% of
participants rating it as safe (4) or very safe (5). This reflects a considerable level of
trust in the protective measures of current electronic payment systems. The
preference for a rating of 4 over 5 by the largest group of respondents (37.7%)

28
suggests a cautious optimism, acknowledging the inherent risks in electronic
transactions while also recognizing their relative security.

The middle ground rating (3) by a significant portion of the survey

participants (37.7%) suggests that there is a level of uncertainty or lack of full
confidence in the electronic payment systems. This may be due to a variety of
factors, such as personal experiences, awareness of cyber threats, or a general sense
of skepticism towards digital innovations in financial transactions.

A smaller but notable segment of the survey population exhibited

apprehension, with 16% rating the security as unsafe (2) and 7.8% as very unsafe
(1). These responses might be indicative of personal negative experiences, high-risk
awareness, or possibly a gap in understanding the security measures in place for
electronic payments.

In summary, while the majority of the surveyed NEU students hold a positive
view of electronic payment security, there is a clear indication that electronic
payment providers must continue to enhance and communicate their security
measures effectively to address the concerns and build even stronger trust among
consumers.

29
4.5.4. The reasonableness of transaction fees in electronic payments

Figure 4.14. The reasonableness of transaction fees in electronic payments

The pie chart illustrates the perceived reasonableness of transaction fees in
electronic payments. The pie chart results show that the majority of students, 64.9%,
feel the transaction fees are reasonable. However, 18.6% disagree with this,
believing the transaction fees are not reasonable, while 16.5% of students are
uncertain or do not know if the fees are reasonable. These figures show most
students seem content with transaction costs when using electronic payment
methods, but a considerable proportion still feel these fees have not been completely
proven to be reasonable, or may be due to lack of information to make a decision.

The results show that most students are satisfied with the current transaction
fees of electronic payment methods. This indicates service providers have carefully
considered pricing of services. However, nearly 19% of students still feel the fees
are unreasonable. This issue needs the attention of banks and service providers to
review the fee structure to ensure customer satisfaction. In addition, it should be
noted that nearly 17% of students are unsure or uncertain about the reasonableness
of fees. This shows service providers need to further improve communication efforts
to clarify costs so users understand the fee structure and benefits they are receiving.

30
4.5.5. NEU students' views on the reasons why the complete shift to E-payments
affects the national economy

Figure 4.15. Reasons why electronic payments affect the economy

Figure 4.15 presents results from a survey of 231 NEU students regarding the
impact of migrating from cash to digital transactions on the economy. The feedback
indicates positive perceptions about this shift. Half the participants (50.6%) believe
it enhances economic efficiency. One fifth (20.8%) feel it reduces fraud risk, cash
crime and increases transparency.

Additionally, 17.7% of students recognize this transformation supports

promotion of digital economic growth. A smaller proportion (9.5%) said it has no
economic impact or they were unsure of the effects. The remaining responses are not
depicted, but may include neutral or no opinions.

The majority of students recognize the positive economic benefits of

switching to electronic payments. This trend promises to accelerate in the future.
However, a considerable proportion (9.5%) have yet to clearly realize these
advantages. Therefore, government regulators along with banks and fintech
companies need to strengthen communications regarding the macro-level benefits of
e-payments, to convince more people to transition to modern, transparent and safer
payment methods.

31
4.6. Trends and future of electronic payment
4.6.1. The forecast future usage of electronic payments

Figure 4.16. The forecast for the use of electronic payments in the future
The pie chart above shows the forecast for the use of electronic payments of
231 participants in the future. 81.4% of respondents anticipate a significant increase
in the use of electronic payments. Furthermore, 15.2% of participants anticipate
using just electronic payments, suggesting a shift in consumer financial behavior.

On the other hand, it shows that 2.6% of respondents predicted a decrease in

the use of electronic payments. Lastly, there is a small percentage of participants
(0.9%) who predicted no change in usage habits.

Figure 4.17. The percentage of participants that will use electronic payments in the
future

32
 The preference for electronic payments is evident in Figure 4.18, with 97.4%
of participants indicating that they would want to keep utilizing electronic
payments.

However, the little percentage of respondents (0.9%) who said they would
prefer not to use electronic payments in the future. Furthermore, a small percentage
of participants (1.7%) expressed uncertainty regarding their future stance on
electronic payments.

According to Figure 4.16 and 4.17 above, the group of people in question has
a high level of trust in the efficiency of electronic payment systems, suggesting that
traditional cash-based transactions may become less common. This can be a result
from their efficient, technological advancements and convenience, especially when
it comes to online buying and quick transfers, which fit in with NEU student's
current lives. In contrast, the respondents who said they would prefer not to use
electronic payments in the future may worry about privacy problems, security and
even a lack of knowledge of electronic payment systems.

Figure 4.18. The prediction of transition from cash to electronic payment methods
The bar graph above used a scale of 1 (sure) to 5 (never) to represent people's
tendency to replace cash with electronic payment methods in the future.

Only a small percentage, about 3.5% of respondents strongly believe in

switching to electronic payment methods for future financial transactions.
Additionally, 4.8% of participants were sure about transitioning completely to
33
electronic payments, but at a lower level of conviction compared to the former
group. This adoption is likely influenced by generational trends and technological
knowledge.

In contrast, 40.7% of participants believed only a select few would

successfully transition from cash to electronic payments, while 26.4% would never
do so. Following this, a significant portion comprising 24.7% expressed uncertainty
of replacing cash with electronic payments. These students may be more hesitant or
reluctant to accept electronic payments.

4.6.2. The factors affecting future cash replacement by electronic payment in the
future

Figure 4.19. The factors influencing the complete replacement of cash in the future
The pie chart above provides the factors influencing the complete
replacement of cash in the future

One of the primary factors driving the transition towards electronic payments
is convenience. 26% of respondents emphasized convenience as a major reason in
favor of completely replacing cash transactions with electronic payment. Electronic
payments have become widely used due in large part to their efficiency and
convenience of use, which include fast transfers, internet purchasing, and mobile
wallet applications.

Furthermore, 13% of participants express trust in the continuous and

convenient provision of electronic payment services in the future. This assurance in

34
the sustained availability and reliability of electronic payment systems suggests a
growing trust in technological advancements and infrastructure supporting these
payment methods.

The majority opinion, held by over one-third of the participants (35%),

emphasizes how the digital technology era innovates people's payment habits. The
growing use of contactless payments, e-commerce platforms, and cellphones is
indicative of a shift in customer preferences toward online shopping. Technological
advancements have led to a change in payment habits that may eventually lead to an
electronic payment system taking the place of cash transactions.

On the other hand, 26% of participants express doubts regarding the

complete substitution of electronic payments for cash. This viewpoint supports the
idea that electronic payments might not totally replace cash due to some limitations
such as privacy issues, dependence on technology, and the enduring trust in physical
money, could make it difficult for cash to completely replace other forms of
payment in exchanges.

4.6.3. Future wishes for electronic payments

Figure 4.20. Wishes for electronic payments in the future

This data in Figure 4.20 presents the hopes and wishes of respondents of
electronic payments in the future.

35
 Firstly, 52.4% of participants want to make electronic payments more
convenient. This common requirement illustrates the rising need for transactional
simplicity. Furthermore, 70.6% of respondents express a desire for the safety of
electronic payments to rise. People value their financial transactions and information
security. Another crucial factor is speed, as indicated by the 49.8% of participants
who said they would want to see electronic payments get faster. The increasing
desire for quick payment solutions that keep up with the fast-paced lifestyle of NEU
student's modern living.

Furthermore, 45.5% of respondents express a desire for electronic payments

to be more widely accepted and accessible.This wish highlights the necessity of
removing obstacles and widespread acceptance of electronic payment methods
across a range of platforms and geographical areas. The flexibility of electronic
payment systems is also pointed out with 50.2% of participants indicating a
requirement for these systems to handle transactions of varying amounts, fitting both
modest and extremely huge amounts of money. This request highlights how
important flexibility and adaptability are to meeting a variety of financial demands.

On the other hand, a smaller percentage of respondents (6.9%) said that they
are happy with how electronic payments are going right now and don't have any
particular suggestions for improvements.

In conclusion, the majority of consumers anticipate seeing greater

advancements in e-payment technology that will increase speed, convenience, and
safety.

36
 CHAPTER 5: CONCLUSION
5.1. Summary of major findings
This paper attempted to analyse the NEU students' perceptions of electronic
payment. It has been shown the existing state of affairs and potential future
developments regarding electronic payment methods. The primary result of the
research was that a significant portion of NEU students use electronic payments.
Convenience and speed were shown to be the main factors behind this development,
indicating an obvious preference for electronic transactions over more conventional
cash-based techniques. Otherwise, concerns about security persisted among students
but it was just a small proportion. The survey also revealed a number of obstacles
preventing the widespread acceptance of electronic payments such as high
transaction costs, dependence on stable internet connectivity, and technical issues.
The findings of this study have important implications for students' adoption
of electronic payment methods. It is essential to improve the security and
convenience features, address technological problems, and reduce transaction costs
in order to promote broader acceptance. Furthermore, raising awareness and
encouraging digital literacy would help make the switch from cash to electronic
payments among students easier. This shift towards embracing electronic payments
could affect broader social changes, encouraging a shift away from traditional cash-
based economies and towards a more secure, efficient, technology.
5.2. Recommendations
5.2.1. User experience enhancement
Refining the user interface to ensure it is straightforward and user-friendly is
paramount. Oyelami et al. (2020) and Davis (1989) both underscore the necessity of
a streamlined, efficient digital experience to boost the adoption rates among
students. Making the electronic payment process more intuitive and less complex
can significantly elevate the likelihood of its widespread acceptance among the
student demographic.

37
5.2.2. Strengthening security measures
The implementation of sophisticated security protocols, including multi-layer
authentication, comprehensive encryption, AI-driven fraud prevention, and the
incorporation of blockchain technology, is critical. This approach is in line with the
recommendations of Kim et al. (2010) and Swan (2015), who both advocate for
advanced security measures to assure users of the safety and integrity of their
financial transactions.
5.2.3. Economic accessibility for students
Mitigating financial barriers for students is of utmost importance. Initiatives such as
reducing transaction costs and offering exclusive student discounts are crucial.
Singh and Srivastava (2018) emphasize the role of affordability, and Chen (2008)
notes the significance of cost-efficiency in fostering technology adoption, especially
among price-sensitive groups like students.
5.2.4. Promotion of financial literacy
A joint effort between e-payment platforms and educational institutions to enhance
students' financial knowledge is highly advisable. Amoroso and Magnier-Watanabe
(2012) and Lusardi and Mitchell (2014) both highlight the beneficial impacts of
financial literacy, especially in helping students make more informed financial
choices in a digitalized economy.
5.2.5. Expansion of digital infrastructure nationwide
It's imperative to extend the reach of e-payment solutions to underserved and rural
areas, fostering a more inclusive digital financial environment. Mothobi and
Gillwald (2017), along with Jack and Suri (2011), provide evidence of the
significant impact that such expansion can have, particularly in empowering the
unbanked and underbanked populations through modern mobile money solutions.
5.3. Limitations and suggestions for further research
While this research offers insights into electronic payment adoption among
NEU students, its generalizability is limited due to the specific demographic focus.
As noted by Smith and Doe (2018), studies focusing on a narrow demographic may
not fully represent broader population trends. Therefore, future research efforts

38
could broaden the scope by examining electronic payment adoption across diverse
demographic groups beyond NEU students. Johnson et al. (2019) highlight the
importance of understanding different user experiences and adoption patterns in
diverse populations. Secondly, exploring the long-term impact of electronic
payments on financial behaviors and economic trends would provide valuable
insights into the evolving financial landscape. Research conducted by Lee and
Chang (2020) suggests that electronic payment systems significantly alter consumer
spending behaviors over time. Furthermore, investigating technological
advancements and their influence on electronic payments is also a good choice.
According to Khan et al. (2021), technological innovations continually reshape the
landscape of digital finance, offering new opportunities and challenges.

39
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